Payday Loan Repayment Assistance During the Credit Crunch


The falling stock market and the failing economy have taken their toll on most workers. You may have felt the fallout by finding yourself short on cash to pay for things that you and your family needed immediately - and were forced to turn to your only available loan source - the payday loan. If you are having trouble meeting the repayment terms (which is usually your next payday), you are probably frustrated and do not know where to turn next. There is assistance to help your repay your payday loans to avoid collection and insufficient fund charges - a payday loan consolidation.

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Get Off Of A Sinking Ship

The government has spent lots of time and money bailing out the big banks on Wall Street - but the regular working person has to fend for themselves. That is where a payday loan consolidation loan product can kick in to help you avoid the sinking ship that your finances have become.

You may have taken out a payday loan or cash advance to buy groceries, pay for gas to work, medical bills, or unforeseen expenses - and chances are you may have more than one payday loan or cash advance to repay. The purpose behind consolidation is to allow you to have more time to repay your payday loans so that you do not have to spend every penny you make on your next paycheck just to bail yourself out. Your new payday loan consolidation loan can allow you up to two years to pay back the total amount that you owe to all of your payday loan lenders - by making one payment each month for a period of up to twenty-four months.

Halt Collectors In Their Tracks

By consolidating your payday loans and cash advances, you will halt all attempts at collection that might be pursued when you fail to pay as agreed. Further, you will avoid numerous non-sufficient funds fees that are charged by your bank. Your bank can charge you up to fifty dollars when a check is presented for payment and there are no funds to cover it in your account.

Take into account that the presenter of the check, in this case the payday loan lender, can present the check as many times as they want to in an attempt to be reimbursed for your payday loan. This can add up to hundreds, even thousands of dollars in fees that must be paid. Consolidation of your payday loans and cash advances makes perfect sense - you not only protect your credit rating, you also avoid these steep fees.

Improve Your Credit Rating

Most people who take out payday loans or cash advances have bad credit, and you may be among them. Keep in mind that your payday consolidation loan can also help to improve your credit because your good payments are noted at least every three months to the major credit reporting bureaus. By paying on time, your payday consolidation loan can add many valuable points to your credit score.

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